Fulfill Your Appraisal Requirements
Part 323 sets forth the FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989) minimum standards for appraisals developed in relation to real estate related transactions. Appraisals are required to be independent and prepared by a qualified, impartial appraiser. Part 323 also sets forth instances in which evaluations can be used in lieu of an appraisal and when an appraisal developed by another institution can be used. Part 323 applies to all institutions regulated by the FDIC.